The Central Bank of Nigeria has protected itself against any liability should subscribers to the newly launched digital currency, eNaira, suffer any loss on the platform.
The apex bank, on the official website of the newly launched digital currency, removed itself from being joined as a party in any future lawsuits, if users encounter losses while using the digital currency.
The liability clause stated that “in no event will the CBN or its directors, officers, employees, independent contractors, affiliates or agents, or any of its or their respective service providers, be liable to you or any third party for any use, interruption, delay or inability to use the eNaira website, lost revenues or profits, delays, interruption or loss of services, business or goodwill, loss or corruption of data, loss resulting from system or system service failure, malfunction or shutdown, failure to accurately transfer…”
Under its terms of service, the CBN warned users of the eNaira website to defend it against any “action, cause, claim (and) damage” in the event they experience losses.
The Gazette went over the terms and conditions of service on the website, noting multiple disclaimers and limitation of liability in the event of customers’ losses.
An indemnification clause under the ‘Privacy Policy and Terms of Use’ section highlights that users who signed up to use and transact with the digital currency have agreed to take complete responsibility for actions taken on their accounts.
Spokesman for the CBN did not immediately provide any comment.
The eNaira was launched by President Muhammadu Buhari and CBN governor Godwin Emefiele at an elaborate event at the State House on Monday.
Emefiele noted at the launch that N500 million had been minted by the Bank, of which the sum of N200 million has been issued to financial institutions. He also noted that over 2,000 customers have been platforms.